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Advantages and disadvantages of VAT grouping.
At Burrow & Crowe we can advise companies in the Leeds area about group VAT registration. Here are some of the issues to consider.
VAT grouping occurs where two or more companies or limited liability partnerships (LLPs) are treated as a single taxable “person” for VAT purposes. A VAT group is treated in the same way as a single company registered for VAT on its own.
An unincorporated body, such as a sole trader or partnership, is also permitted to join a VAT group provided it makes taxable supplies and controls one or more companies or LLPs.
In general, the members of the group each have to have an establishment in the UK and be under common control. There are special conditions for VAT groups with an annual turnover of more than £10 million.
Advantages of group registration are:
As with most other areas of the tax system, VAT Groups are subject to detailed anti-avoidance provisions.
If you’re based in the Leeds area and would like further advice on VAT group registration, please contact Burrow & Crowe.
If you would like more information or would like to speak to us direct then call us on 0113 259 1666. Or if you would prefer, ask us a question online.
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